Korea Electric Power Corporation (KEPCO) reported a significant financial turnaround in the first half of 2025, with consolidated sales reaching W46,174 billion, a 5.5% increase from the same period in 2024. Operating profit surged by 130.94% to W5,889 billion from W2,550 billion, and net income substantially increased from W710 billion to W3,538 billion. This resurgence was largely propelled by the nuclear generation segment.
The nuclear generation segment saw sales rise from W6,094 billion to W8,206 billion, with operating profit dramatically increasing from W188 billion to W2,396 billion for the six-month period ended June 30, 2025. The Transmission and Distribution segment also contributed significantly, with operating profit reaching W2,857 billion. Conversely, thermal generation sales decreased by 10.17% to W13,052 billion, and its operating profit declined by 24.26% to W565 billion.
Electricity sales unit prices for industrial customers increased from 162.67 Won/kWh in January-June 2024 to 179.23 Won/kWh in January-June 2025, reflecting the impact of tariff adjustments. Net cash flows provided by operating activities improved to W11,350 million, up from W8,030 million in the prior year, while net cash flows used in investing activities increased to W12,220 million.
Net cash flows provided by financing activities saw a significant positive swing to W455,165 million, a notable change from the net cash outflows in the previous period. Despite improved profitability, KEPCO's financial structure still reflects a high debt burden, with total borrowings and debt securities at W131,860 million and a debt-to-equity ratio of 297.56% as of June 30, 2025.
The company is actively addressing its debt through a KRW30 trillion financial stabilization plan (2022-2026), which management reports is exceeding its targets. This plan includes measures such as asset sales, reducing investment costs, and increasing non-power sales income.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.